Sweeping reforms are on the table as part of moves to strengthen Singapore as a centre for debt restructuring, which involves helping troubled companies renegotiate their debts.
The Government, which wants Singapore to grab a bigger slice of what is a fast-growing business, was handed a road map yesterday in the form of 17 recommendations from a review committee. Its proposals fall into three key areas.
One involves enhancing of Singapore’s legal framework for restructuring by creating customised rules and procedures.
This includes a specialist insolvency Bench for restructuring cases comprising both Singapore and international judges.
The committee also recommended that the Singapore International Arbitration Centre and the Singapore Media…
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